Statement on the Department of Financial Protection and Innovation (DFPI)
SACRAMENTO — Assemblymember Monique Limón (D – Santa Barbara) issued the following statement on the California Consumer Financial Protection Budget Proposal
“This next step for California is coming at a crucial time as consumer protection safeguards are being overlooked at the federal level and in favor of financial entities. Last year, I introduced AB 1048, which started the conversation of how we can fill the void of protection that the federal administration created. As the Chair of Banking and Finance, I hosted an informational hearing with Obama appointee former Director of the Consumer Financial Protection Bureau Richard Cordray where we identified opportunities for Californian to strengthen its existing efforts.
I applaud Governor Newsom and his administration for continuing the work of AB 1048 and for working to advance a priority that the Assembly and I have led for the past two years. As the conversation continues, there are key consumer protections that must be considered. These should align with recent efforts and work of the California Assembly. I look forward to working with Governor Newsom and his team and being a champion for these efforts in the legislature”.
The Budget proposal makes the following enhancements to consumer protection efforts in California:
- Renames the Department of Business Oversight (DBO) as the Department of Financial Protection and Innovation (DFPI).
- Adds 44 positions ($10.2 million) starting in 2020-21, growing to 90 positions ($19.3 million) in 2022-23.
- Authorizes DPFI to license and examine new industries that are unregulated.
- Expands state enforcement authority to cover “unfair deceptive and abusive practices” by financial service companies.
Monique Limón represents the 37th Assembly District, which includes Santa Barbara, Ventura, Goleta, Carpinteria, Ojai, Santa Paula, Fillmore, Buellton, Solvang, Summerland, Isla Vista, Montecito and parts of Oxnard. She currently serves as Chair of the Assembly Banking and Finance Committee.
CONTACT: Jorge Reyes Salinas, 916-319-2037 or Jorge.ReyesSalinas@asm.ca.gov